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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zone-Ip | LSE:ZIP | London | Ordinary Share | IL0010926595 | ORD ILS0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
ZONE-IP LTD. ("ZONE-IP" OR THE COMPANY") Preliminary UNAUDITED results for the year ENDED 31 December 2007 Ra'anana, Israel, 27 March 2008: ZONE-IP Ltd. (LSE: ZIP), announces its preliminary unaudited financial results for the year ended 31 December 2007. Highlights - Revenues increased by 26% to $US8.26m (2006: $US6.57m) - Operating loss decreased by 51% to $US2.6m (2006: $US5.3m) - Net loss decreased by 53% to $US2.75m (2006: $US5.88m) - Net cash, cash equivalents and available-for-sale marketable securities amounted to $US5.2m as at 31 December 2007 (2006: $US7.3m) - Fully diluted loss per share was 0.06 cents (2006: 0.15 cents) - Exclusive distribution agreements signed in Germany, Italy, South Africa, Russia, Hungary, Vietnam and Indonesia Chairman's Statement In the year ended 31 December 2007 the Company incurred a loss on continuing operations of $2.75 million (2006: $5.88 million) on turnover of $8.26 million (2006: $6.57 million). At that date, the Company had a cash portfolio of $5.2 million. The year ended 31 December 2007 was a turnaround year for the Company. Following the completion of the strategic review in the last quarter of 2006, I indicated in my Chairman's statement accompanying the 2006 results that the Company intended to launch new products in the first half of 2007. I am pleased to advise you that the first six months of the year saw the introduction of the next generation of endpoints and infrastructure servers: xPoint - a new top of the line room system featuring ISDN and 4CIF technologies, VCBpro - a new state-of-the-art HD Multipoint appliance with full audio and video transcoding and vPoint V8 - an HD desktop client. In Q4 2007, Wainhouse Research, an independent market research firm that focuses on critical issues in rich media communications and conferencing, conducted an evaluation, sponsored by the Company, of Emblaze-VCON's xPoint appliance-based videoconferencing system. The evaluation included ease of use, video performance, audio performance, data collaboration support, interoperability and security/ encryption. Based on the rating determined by Wainhouse Research in the report, xPoint earned a good overall rating of 3.8 out of 5. Specific areas of strength include exceptional ease of use, strong video performance, especially at relatively low call speeds, and solid interoperability with the other systems in the test lab. Wainhouse Research found that the xPoint performed at least as well, if not better, than its peers and in many ways exceeded their expectations. The full report can be found on the Company's website. The second half of the year saw an overall change both on the business and the operational side. The release of a brand new up-to-standard product line has enabled us to sign distribution agreements with leading audio and video resellers across the world and win new business. It has also enabled us to embark on new OEM discussions with leading video vendors. Business focus was shifted to better reflect the Company's core technology and vision - Video over PC-based systems for competitive pricing. On the operational side, the Company has dramatically improved its execution capabilities as well as reducing the rate of returned units. The Directors expect that demand for video over the desktop will increase as enterprises worldwide move to replace and converge their legacy analog systems into more advanced IP based products. The growing demand for visual communication solutions will allow Emblaze VCON to enhance its market presence through the introduction of the xPoint and VCBpro products. Having a complete offering will enable us to create a strong lead with AV resellers and take part in lucrative bids. The early months of the current year will see further new product launches and upgrades in our existing product line. Emblaze VCON intends to extend its range of products and service offering to customers and enhance the technology of existing products to Full HD. Emblaze VCON will also endeavor to strengthen its leading position in the desktop Video*over*IP with special focus on web-based collaborative solutions. We will also strive to enhance our relationships and partnerships with industry technology and service providers. Dr Hans Wagner Chairman 27 March 2008 Enquiries: ZONE-IP Hagit Gal, David Amir +972 9 7699339/ +972 9 7627800 John East & Partners Limited David Worlidge +44 (0)20 7628 2200 Note to Editors: About Emblaze-VCON Emblaze-VCON, a subsidiary of ZONE-IP Ltd., is a world leader in the development and deployment of Video over-IP Conferencing Solutions, enabling enterprises of all sizes to optimize their productivity and efficiency through enhanced interaction and communication. The Company designs, develops, manufactures and markets high-performance, feature-rich desktop and group videoconferencing systems designed for a variety of networks, including those based on the Internet Protocol as well as infrastructure servers to manage the video network and services. More information is available at www.vcon.com. CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands 31 December 2007 2006 ASSETS CURRENT ASSETS: Cash and cash equivalents 2,674 1,613 Restricted cash 551 237 Short-term available-for-sale marketable securities 150 3,974 Trade receivables (net of allowance for doubtful accounts - $131 and $ 179 at 31 December 2007 and 2006, respectively) 2,433 1,660 Other accounts receivable and prepaid expenses 535 387 Inventories 2,730 1,407 Total current assets 9,073 9,278 NON-CURRENT ASSETS: Long-term available-for-sale marketable securities 1,869 1,505 Property and equipment, net 397 501 Intangible assets, net 650 894 Total non-current assets 2,916 2,900 Total assets 11,989 12,178 CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands 31 December 2007 2006 LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term bank credit 2,330 515 Trade payables 3,103 1,549 Related party 29 513 Government grants 695 577 Employees and payroll accruals 516 628* Deferred revenues 210 471 Accrued expenses and other liabilities 458 389 Total current liabilities 7,341 4,642 NON-CURRENT LIABILITIES: Government grants 730 847 Accrued severance pay 177 149* Total non-current liabilities 907 996 Total liabilities attributed to discontinued operations 100 250 Total liabilities 8,348 5,888 EQUITY: Ordinary shares 109 109 Share premium 13,221 12,989 Net unrealized loss reserve (139) (10) Foreign currency translation reserve 4 (2) Accumulated deficit (9,554) (6,796) Total equity 3,641 6,290 Total liabilities and equity 11,989 12,178 * Reclassified CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands (except share and per share data) For the year ended 31 December 2007 2006 Continuing Operations: Revenues 8,265 6,577 Cost of revenues (3,374) (3,344) Gross profit 4,891 3,233 Operating expenses: Research and development 2,973 3,018 Selling and marketing 2,676 3,816 General and administrative 1,857 1,714 Total operating expenses 7,506 8,548 Operating loss (2,615) (5,315) Finance income 145 175 Finance expenses (373) (212) Loss for the period from continuing operations (2,843) (5,352) Discontinued Operations: Income/(loss) for the period from discontinued operations 85 (531) Loss (2,758) (5,883) Loss per share: Basic and diluted loss per share from continuing operations (0.06) (0.13) Basic and diluted loss per share from discontinued operations (0.00) (0.02) Basic and diluted loss per share (0.06) (0.15) Weighted average number of shares used in computing basic and diluted loss per share 51,120,253 40,083,881 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY U.S. dollars in thousands Foreign currency Net translation Total Share Share unrealized adjustments Accumulated Total recognized loss capital premium reserve reserve deficit equity expenses Balance as of 1 January 2006 66 3,539 - (2) (913) 2,690 Reverse acquisition of net assets of Zone-IP, net of issuance expenses 43 9,450 - - - 9,493 - Net loss on available-for-sale financial assets - - (10) - - (10) (10) Loss - - - - (5,883) (5,883) (5,883) Balance as of 31 December 2006 109 12,989 (10) (2) (6,796) 6,290 - Foreign currency translation - - - 6 - 6 6 Net loss on available-for-sale financial assets - - (129) - - (129) (129) Loss - - - - (2,758) (2,758) (2,758) Share-based payment - 232 - - - 232 - Balance as of 31 December 2007 109 13,221 (139) 4 (9,554) 3,641 2,881 CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands Year ended 31 December 2007 2006 Cash flows from operating activities: Loss (2,758) (5,883) Adjustments to reconcile the loss to net cash used in operating activities: Loss/(income) from discontinued operations (85) 531 Depreciation and amortization 510 547 Share-based payments 232 - Increase in severance pay 28 149 Amortization of premium and discount of marketable securities 42 - Increase in short and long-term Government grants payables 1 63 Working capital adjustments: Decrease/(increase) in trade receivables (772) 453 Decrease/(increase) in other accounts receivable and prepaid expenses (147) 153 Increase in inventories (1,437) (221) Increase in trade payables 1,520 155 Increase/(decrease) in employees and payroll accruals (111) (402) Increase/ (decrease) in deferred revenues (261) 330 Increase in accrued expenses and other liabilities 70 241 Net cash flows used in continuing operating activities (3,168) (3,884) Net cash flows used in discontinued operating activities (65) (772) Net cash used in operating activities (3,233) (4,656) Cash flows from investing activities: Purchase of property and equipment (14) (232) Restricted cash (314) (237) Investment in marketable securities (2,397) (3,083) Proceeds from sale of marketable securities 5,686 6,650 Net cash provided by investing activities 2,961 3,098 Cash flows from financing activities: Increase in short-term bank credit 1,815 148 Increase in cash upon reverse acquisition - 585 Increase in related party (484) 182 Net cash provided by financing activities 1,331 915 Increase/(decrease) in cash and cash equivalents 1,059 (643) Net foreign exchange difference 2 - Cash and cash equivalents at beginning of period 1,613 2,256 Cash and cash equivalents at end of period 2,674 1,613 CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands Year ended 31 December 2007 2006 (1) Supplemental disclosure of cash flow activities: Interest received 302 479 Interest paid 72 49 Tax paid 15 13 Transfer from inventories to property and equipment 114 81 Property acquired through suppliers' credit 34 - (2) Net cash flows used in discontinued operating activities: Profit/(Loss) from discontinued operations 85 (531) Less decrease in accrued expenses associated with discontinued operations (150) (241) (62) (772) Notes to the financial statements 1. The financial information for the year ended 31 December 2006 is extracted from the Group's financial statements to that date which received an unqualified auditor's report. The financial information for the year ended 31 December 2007 is extracted from the Group's unaudited financial statements to that date. 2. Loss per share The figures for loss per share are calculated on a loss of $2,758,000 (2006 - $5,883,000). The basic earnings per share calculation is based on a weighted average number of ordinary shares of NIS 0.01 each of 51,120,253 (2006: 40,083,881). 3. Dividends No dividends have been declared for the year ended 31 December 2007. 4. Copies of the Report and Accounts will be sent to shareholders in due course and will be available from the offices of the Company's nominated adviser, John East & Partners Limited, 10 Finsbury Square, London EC2A 1AD and from the Company's website at www.zone-ip.com. END
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